Wales’ Manufacturers Must Invest in Smart Tech

New research from Barclays Corporate Banking shows 78% of manufacturers in Wales are confident about Britain’s ability to compete in the international marketplace over the next five years, mirroring the findings of the Made Smarter report published earlier this month. 54% of manufacturers in Wales attribute their confidence to ‘fourth industrial revolution’ (4IR) technologies, such as machine learning, sensors and big data, which they believe will boost the productivity of their business. Of those that have already invested, 59% of manufacturers in Wales report that the adoption of 4IR technologies has improved productivity, while 34% are already seeing return on investment. Yet, there is still resistance to investing in the very latest innovations. The Barclays Corporate Banking Manufacturing Report, Intelligent manufacturing: an industrial revolution for the digital age, is based on the views of over 500 manufacturing industry decision makers. It found that, while basic forms of automation, like robotics, have a high rate of adoption (76%), 34% of manufacturers in Wales are yet to invest in 4IR technologies like artificial intelligence.